Full text: From Stagnation in the 30s to Slow Growth in the 70s.

is not merely due to a shifting of fixed cost as a ratio 
of capacity to the price, it will have to lead to decreases 
in some or all of the utilisation rates - given the growth 
rate of capital. 
Again, should the growth rate of capital decline, given 
the gross profit margins and the fixed cost in relation 
to capacity, some utilisation rates will have to fall. 
This is the usual adjustment to be expected during 
a recession. If low utilisation persists over 
a longer time there may be an alternative adjustment - 
- the reduction of gross profit margins due to new entries 
and intensified competition which may then restore 
the former rate of utilisation.

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